For shareholders will receive ten free titles for every one they own, next week

The shareholders of the cyber security company Fort (4RT) will receive, in the middle of next week, ten free shares for one owned, according to a report of the issuer published yesterday on the website of the Bucharest Stock Exchange (BVB).

The operation is related to the capital increase approved by the shareholders at the beginning of July, with the amount of 1.02 million lei, through the issuance of almost 10.2 million ordinary shares with a nominal value of 0.1 lei/share.

"Issuing free shares is part of the company's strategy to increase the liquidity of 4RT shares on the AeRO market. At the same time, the increase of the subscribed and paid-up social capital from the amount of 0.1 million lei to the amount of 1.12 million lei by capitalizing a part of the issue premiums registered at the level of the issuer aims to strengthen the social capital structure", the report states.

The registration date, which defines the shareholders who will receive freebies, was September 17, with the shares actually entering investors' accounts on October 18. Fort was listed on the AeRO Market of the Bucharest Stock Exchange in mid-May, following a capital increase and a private placement through which the company attracted 1.67 million lei. According to the Listing Memorandum drawn up by TradeVille brokers, the company is considering attracting new financing through the capital market, through share capital increases or bond issues.

For the first half of the year, revenues from contracts with Fort's customers amounted to 6.7 million lei, 16% below those of the first six months of 2023, as a result of the decrease in revenues from cybersecurity services, those from sale of merchandise and resold licenses. "Consolidated revenues had this dynamic as a result of Fort's focus on the service delivery segment, at the expense of providing solutions and equipment. At the same time, since the seasonality of business generates a higher value of income in the second part of the year, the reported result is according to the estimate made in the budget. Also, approximately 60% of gross margin is historically generated in the second half," explains the company.

On the other hand, operating expenses increased, which had a negative impact on profitability, a dynamic generated by the fact that, for the development of the activity, specific sales and marketing activities are needed, say those from Fort. Thus, for the middle of the year, the cyber security company reported a gross profit of 0.11 million lei, 86% below that of the first six months of 2023. "In a year marked by the company's desire to expand international, for which certain costs cannot be avoided, we remain optimistic that we can achieve the targets we set for ourselves", say those from Fort, in the report presenting the semi-annual results.

Fort is part of the Bittnet Group, the Bittnet Systems company having a direct ownership of 58.8% of the issuer specialized in cyber security, whose stock market valuation amounts to approximately 47 million lei.